LAS VEGAS (KTNV) — If you're in Southern Nevada trying to keep up with rising prices, you've probably heard the Federal Reserve cut interest rates another quarter of a percent this week. Here's what that means for you.

Experts say Fed cuts don't directly lower mortgage rates, but you may see the effect sooner on credit cards, which are tied to the Fed rate.

An example? If you have a $5,000 balance on a typical credit card at 21% interest, a quarter-percent Fed cut only saves about $10 to $12 a month. Not nothing, but not life-changing either.

WATCH | What to know about mortgage rates in Nevada Fed rate cut offers modest relief for Southern Nevada consumers

When it comes to buying a home, mortgage rates are sitting just above 6%, down from around 7% at the start of the year.

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